Future PLC (LSE:FUTR) is expected to unveil its annual financial results next week on 7 December, but despite a recent rally in its shares, the publisher is at risk of downgrades.
The multimedia company’s shares have rallied since the lows of June 2023, according to Canaccord Genuity (TSX:CF, LSE:CF).
However, Canaccord Genuity analyst Karl Burns said in a research note ahead of the company's results next week that market consensus forecasts were “overly optimistic”, citing a deteriorating macro environment, structural pressure, and weakness in consumer electronics advertising.
The media group acquired consumer electronics-focused digital publisher Mobile Nations for £90.6 million in 2019.
Canaccord Genuity has downgraded Future PLC (LSE:FUTR), predicting that it will miss market forecasts and lowering its target price for the stock.
Future was previously highlighted as a potential rebound candidate for 2023 by investment bank JPMorgan at the start of 2023, after share price erosion put it among the FTSE 350's worst performers in 2022.